Osiris Acquisition (OSI) - 2022 Q3 - Quarterly Report
Osiris Acquisition Osiris Acquisition (US:OSI)2022-11-14 22:09

Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $521,774, driven by interest income of $1,132,777 from marketable securities held in the Trust Account[133]. - For the nine months ended September 30, 2022, the company achieved a net income of $5,560,298, with interest income of $1,514,086 and a gain in fair value of derivative warrant liabilities of $6,853,280[135]. Initial Public Offering - The company completed its Initial Public Offering on May 18, 2021, raising gross proceeds of $230,000,000 from the sale of 23,000,000 units at $10.00 per unit[137]. - The company incurred transaction costs of $13,107,291 related to the Initial Public Offering, including $4,600,000 in underwriting fees[138]. Financial Position - As of September 30, 2022, the company had cash and U.S. treasury securities in the Trust Account totaling $231,336,755, an increase from $230,040,937 as of December 31, 2021[140]. - The company had a working capital deficit of approximately $2.9 million as of September 30, 2022, raising concerns about its ability to continue as a going concern[145][146]. - The company has no long-term debt or capital lease obligations, only incurring a monthly fee of $10,000 for administrative services[148]. Business Combination - The company plans to use substantially all funds in the Trust Account to complete its Initial Business Combination and may withdraw interest to pay taxes[140]. - The company has less than 12 months to complete a Business Combination, with a deadline of May 18, 2023[144]. - There is no current commitment from any financing source to provide additional capital, which may impact the company's ability to execute its plans[145]. Internal Controls - The company's disclosure controls and procedures were effective as of September 30, 2022[155]. - No changes in internal control over financial reporting occurred during the fiscal quarter ended September 30, 2022, that materially affected internal controls[157].